Crypto Custody Firm Copper Withdraws FCA Application

Copper has withdrawn its application to be registered with the UK financial regulator, the Financial Conduct Authority (FCA), in a statement on Friday.

The company led by former British Chancellor of the Exchequer Philip Hammond said the decision to withdraw was part of the company’s strategic shift and that the UK registration no longer suited the company’s future course of business.

The London-based custodian recently announced a new strategy more focused on international opportunities.

It named Amar Kuchinad as its new global CEO in October. He has been tasked with leading the company’s global growth strategy with a focus on strengthening the company’s American presence.

Copper is not the only crypto company to withdraw from the UK registration process. Between 10 January 2020 and 1 December 2024, 69% of the applications were withdrawn, according to data from FCA.

The custodian said it would look to exploit opportunities across priority markets such as the US, Europe and the Middle East.

“Withdrawing our application to register as a crypto-active institution in the UK is the right decision for our business and reflects our refocusing on driving growth in priority markets,” Amar Kuchinad, CEO of Copper, said in the release.

Copper began offering clients secure storage and trading of tokenized money market funds such as BlackRock’s BUIDL, the company said in October.

Read more: Copper to offer custody services for tokenized money market funds such as BlackRock’s BUIDL